ICSID obliges Hungary to pay damages to French voucher company
The World Bank’s International Center for Settlement of Investment Disputes (ICSID) has ordered the Hungarian state to pay the French voucher company Edenred an award of approximately 23 million euros, globenewswire.com reported, citing a statement by the French firm.
Edenred and two other French voucher companies sought compensation from Hungary at ICSID in 2013 for the restructuring of the country’s voucher system.
Hungary introduced a unified national voucher system in 2012, in effect squeezing out existing market players.
According to Edenred’s statement, the decision represents an important step in the process of solving the dispute.
What we know about Edenred
Edenred, which invented the Ticket Restaurant® meal voucher and is the world leader in prepaid corporate services, designs and manages solutions that improve the efficiency of organizations and purchasing power to individuals.
By ensuring that allocated funds are used specifically as intended, these solutions enable companies to more effectively manage their:
Employee benefits (Ticket Restaurant®, Ticket Alimentación, Ticket CESU, Childcare Vouchers, etc.)
Expense management (Ticket Car, Ticket Clean Way, Repom, etc.)
Incentive and rewards programs (Ticket Compliments, Ticket Kadéos, etc.)
The Group also supports public institutions in managing their social programs.
Listed on the Euronext Paris stock exchange, Edenred operates in 42 countries, with 6,300 employees, 660,000 companies and public sector clients, 1.4 million affiliated merchants and 41 million beneficiaries. In 2015, total issue volume amounted to €18.3 billion.
Ticket Restaurant® and all other tradenames of Edenred products and services are registered trademarks of Edenred SA.
You can read Edenred’s statement HERE.